After opening the day on a positive note, stock markets in India have continued their momentum. Sectoral indices are trading on a positive note with stocks in the telecom sector and banking sector witnessing maximum buying interest.
The BSE Sensex is trading up 242 points (up 0.8%) and the NSE Nifty is trading up 65 points (up 0.8%). The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index is trading up by 0.5%. The rupee is trading at 64.93 to the US$.
From macroeconomic news, as per the data released by Central Statistics Office, the index of industrial production (IIP) rose 4.3% in August. This was as against a contraction seen in June and faster than a 0.9% rise in July.
Further, inflation based on the consumer price index (CPI) came at 3.28% in September, unchanged from August.
In the news from IT sector, share price of TCS is witnessing buying interest today. This comes as the company announced its earnings for the July-September quarter yesterday.
The company reported reported 8.4% year-on-year (YoY) and 2.1% sequential rise in net profit at Rs 64.5 billion for the September quarter.
The company also announced an interim dividend of Rs 7 per share.
At the time of writing, TCS share price was trading up by around 1%.
In the news from IPO space, General Insurance Corporation of India (GIC’s) 113 billion IPO got subscribed over 90% on the second day of the bidding process today. Today is the last day to subscribe to the IPO.
General Insurance Corporation of India (GIC Re), a leading Government PSU, was incorporated in 1972 and is the largest re-insurance company in India. It provides reinsurance for various general insurance products.
GIC Re is the largest reinsurance company in India in terms of gross premiums accepted in Fiscal 2017, and accounted for approximately 60% of the premiums ceded by Indian insurers to reinsurers during Fiscal 2017.
